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Using and Abusing Economic Theory.

Abstract:

Economic Theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention is paid to the wider economic context, and to the dangers posed by political pressures. Superficially trivial distinctions between policy proposals may be economically significant, while economically irrelevant distinctions may be politically important. I...

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Paul Klemperer More by this author
Series:
Economics Working Papers
Publication date:
2002
URN:
uuid:2c7284a8-b5bd-4359-b70e-521a25943006
Local pid:
oai:economics.ouls.ox.ac.uk:11926
Language:
English

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